Proposed acquisition of Warner Bros. Discovery

Paramount Skydance initiated an acquisition of Warner Bros. Discovery in early 2026. After WBD began evaluating strategic alternatives to a previously planned corporate split, multiple bids were submitted, leading to a bidding war between Paramount Skydance, Netflix, and Comcast in November 2025. On December 4, 2025, WBD entered into a merger agreement with Netflix, which would have transferred its studios and streaming assets to the company while spinning off its linear networks business.

On December 8, 2025, Paramount Skydance launched a rival all-cash tender offer for WBD and continued to revise its proposal in the following months. After receiving a contractual waiver from Netflix on February 17 2026, WBD reopened negotiations with Paramount. On February 26, 2026, WBD's board determined that Paramount's revised $110.9 billion offer, valuing shares at $31 each, constituted a superior proposal to the existing Netflix agreement. Netflix declined to match the offer and withdrew, allowing Paramount Skydance to proceed as the winning bidder.

The initial Netflix–WBD agreement drew mixed reactions within the entertainment industry, with commentary focusing on consolidation in the streaming market, the future of theatrical film distribution, and the potential for cost reductions following the merger. The subsequent Paramount Skydance–WBD deal is expected to take 6–18 months to close, pending regulatory and shareholder approval.